Best Term Life Insurance Plans To Buy in 2023

Buying a term plan in 2023 would be especially beneficial as the earlier you buy a term plan the lower the premiums will be, as premium rates depend on the entry age. Let us take a look at some of the best term insurance plans that would be perfect for purchasing in the year 2023. 

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What is Term Life Insurance?

Term life insurance plans are essential for everyone who wishes to secure their family in the long run. They provide financial protection by offering monetary aid to your family in the event of your unforeseen death. This payout received by your family can be useful for them to meet their financial obligations and liabilities while maintaining their current lifestyle.

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Best Term Plans In 2023

As we are already aware of what is term life insurance, here is a list of all the best term plans that you can purchase in the year 2023

Plan Name Entry Age Maturity Age
Max Life Smart Secure Plus 18 - 65 years 85 years
ICICI Prudential iProtect Smart 18 - 65 years -
HDFC Life Click 2 Protect Life 18 - 65 years 85 years
Bajaj Allianz eTouch 18 - 65 years 99 years
Tata AIA SRS 18 - 60 years 100 years

Max Life Smart Secure Plus

Max Life insurance’s Smart Secure Plus is a pure risk protection term plan that offers the following features:

  • The plan can be bought for a minimum and maximum policy term of 10 and 67 years.

  • You can include the Waiver of Premium, Accidental Cover, and Accelerated Critical Illness Cover in your base plan for an enhanced life cover.

  • The policy provides single, regular, and limited (5,10,12,15 years) premium payment options.

  • The plan offers a level life cover and increasing life cover options.

  • You can get a return of all the premiums you paid with the return of the premium variant of the plan.

ICICI Prudential iProtect Smart

The plan is a term life insurance launched by the leading insurer ICICI prudential and offers benefits like

  • The policy term can be taken till the age of 85 years or extended till the age of 99 with its whole life cover option.

  • You can choose from 4 protection options.

  • The plan also offers 4 payout options lump-sum, monthly income, increasing income, and lump-sum with income.

  • The plan provides tax benefits under sections 80C and 10(10D) of the Income Tax Act.

  • The plan offers special premium rates up to 18% lower for women.

HDFC Life Click 2 Protect Life

HDFC Life’s Click 2 Protect Life is a term plan that can be bought both online and offline depending on your preference.

  • The plan offers 3 options from which you can choose the one that fits your requirements the best.

  • You can pay your premiums on a quarterly, monthly, annual, or semi-annual basis.

  • You can opt for the term plan with return of premiums option to receive all the premiums you paid, at the end of the policy term.

  • You can also enhance your plan cover by including the Waiver of premium and Accidental Death Benefit Riders.

  • The minimum entry age is 18 years while the maximum entry age is 65 years old.

Bajaj Allianz eTouch

Bajaj Allianz’s eTouch offers pure risk protection along with the following benefits.

  • The policy offers protection against terminal illness, death, and disability.

  • You can pay your premiums for the regular premium paying term or limited premium paying term until the age of 60.

  • The plan offers a premium holiday in which you can choose to skip paying premiums for 1,2 or 3 years.

  • Early exit value allows you to exit the plan at a specific stage and get all the premiums you paid during the policy term back at the end of the policy tenure.

  • You can also avail of the tax benefits under sections 80C and 10(10D) of the Income Tax Act.

Tata AIA SRS Vitality Protect

The tata aia sampoorna raksha supreme is a comprehensive term plan that is most suitable for young individuals, married couples, young parents, and entrepreneurs. The main features of the plan are

  • The plan offers 105% of the total premiums paid back in the Life Plus option.

  • You can gain life coverage up to 100 years of age.

  • You can choose to pay premiums in single, regular, or limited premium-paying terms.

  • The plan offers a waiver of premiums, critical illness, and accidental death riders that you can add to the base plan to enhance the plan’s coverage.

  • You can also increase your insurance coverage by 25%, 50%, or 100% through the Life Stage Benefit Option.

How You Can Buy Term Life Insurance From Policybazaar in 2023?

You can buy a term plan from Policybazaar using the following steps:

  • Step 1: Visit the company website and go to the term insurance page

  • Step 2: Fill in the basic personal details like name, contact number, email id, and gender and click on ‘View Plans’

  • Step 3: Enter your chewing tobacco or drinking alcohol habits, educational qualifications, occupation type, and annual income.

  • Step 4: Choose the plan as per your requirements and proceed to purchase

In Conclusion

This year let us put the future of our families at the forefront and buy a term plan that will protect them against any eventualities of life. You can buy any of the plans mentioned above and secure your family in the long run.

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